Learn about Property Development in Nigeria

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Are you interested in property development in Nigeria? There are several ways to make money as an investor in real estate. But, which one is right for you? It depends on your interests, skill set and resources. Working with real estate agents can give you a good grounding when considering whether to become a property developer vs buying a home to live in vs renting. If you’re thinking of becoming a property developer, here are some things to think about first. Property development isn’t for everyone, but it could be the best option if you’re excited by the idea of making something out of raw land and have the necessary skill set. If you think this might be up your alley, read on for advice from industry experts.

What is Property Development in Nigeria?

Property development is the act of building new properties, or redeveloping existing ones. The developer will buy a piece of undeveloped land, plan the design of the buildings on that land, secure financing to build those buildings, and then sell the finished properties. If you’re an investor that prefers to buy existing properties and renovate them, you’re not a developer — you’re a real estate investor. However, if you prefer to buy raw land, purchase building permits and then hire contractors to build your dream home, you’re a developer. Real estate development is generally a long-term process, often taking more than a year from start to finish. Generally, developers will have a long-term plan for the land in question. In some cases, developers will buy large pieces of land and have the plan to build multiple developments on it.

Why Become a Property Developer?

There are plenty of good reasons to become a property developer. You get to make your own hours, work from home and enjoy a high degree of flexibility. If you’re a developer, you’ll likely be able to duck out of your office whenever you like. You’ll also be free to travel as much or as little as you’d like. Working as a developer also comes with a high degree of autonomy. You’ll likely be able to call the shots in your own company. Moreover, if you do well, property development can be a very lucrative line of work. Many people will see being a developer as a good investment. You’ll likely be able to earn a decent income while spending relatively little time at work.

Deciding on a Property Type to Develop

Before you decide on a type of property to develop, you’ll want to consider a few things. For starters, how many people are living in the area? The more people living in the region, the more potential customers you have. What types of people are living in the area? If you are investing in a particular area, make sure that your product appeals to the residents of that area. What sort of infrastructure is in the area? Infrastructure is important because it dictates how accessible your property is to the general population. What type of environment is in the area? If you are investing in a particular area, make sure that your product appeals to the residents of that area.

Finding Land to Develop

If you’re a developer, finding land to develop is likely the first major hurdle that you’ll face. You’ll want to find a large enough plot of land that it can support the types of structures that you have in mind, but also one that isn’t too costly. Finding land for development isn’t as simple as strolling down the sidewalk until you stumble across a piece of land that seems like it would be a good investment. You may want to take out ads, place listings on real estate forums, or reach out to landowners that may not fully understand the value of the land they own.

Organising Your Finances and Team

One of the most important things that you’ll need to do as a developer is line up financing for your project. The type of financing that you choose will depend on a number of factors, including the total cost of the project and how quickly you need the money. You’ll also need to decide how much of your own money you’re willing to sink into the project. Some developers choose to finance the entire project using their own money. However, this isn’t always the best choice. Given the long-term nature of real estate development, you may want to consider partnering with other developers. If you work with others, you’ll be able to pool your resources, spread the risk and get more done in less time.

Choosing the Right Development Package

As a developer, you have a ton of different development packages to choose from. While every developer will likely have their own standard development packages, you may want to consider devising your own custom development packages. If you want to sell a particular type of product, you may want to offer a development package that caters to that type of product. Custom development packages could also include an expedited timeline. If you want to finish a project quickly, you may want to offer an expedited timeline as part of your development package. You can also offer add-on services, such as consulting, construction management and more. When you’re creating development packages, make sure to include the cost of land if you’re planning to use it.

Conclusion

Becoming a property developer isn’t for everyone. It takes a lot of time, energy and money to do well. However, if you love the idea of taking a plot of land and creating something from nothing, it could be the perfect line of work for you. Start by learning about real estate investment in general. You’ll likely want to get a real estate license and join a local REIA chapter. You can also read blogs or books on the subject to get a better understanding of the industry. When you’ve gotten a better understanding of the real estate investment industry, start to analyze properties in your area. You may want to hire an agent to help you understand the market better — they can help you decide which properties would be the best to buy.